Month: July 2026

The Friday File: Tomorrow is the 250th anniversary of this great nation. Our victory against the British now seems preordained, it was anything but. Between 1775-1783, over 25,000 American soldiers died, 1% of the colonial population, about 3.5 million deaths…

Net June job growth was just 57,000, well below the 113,000 expected and April/May were collectively revised down 74,000. Suddenly job growth/month looks about right based on demographics and immigration policy. Moreover, Y-o-Y wage growth at 3.5% continues to badly…

Conforming single-family delinquency rates are low but very slowly rising and returning to normal. Freddie Mac reports serious delinquencies at 0.59% up from 0.55% Y-o-Y and trivially lower than 0.60% pre-Covid. Fannie Mae’s shows serious delinquencies at 0.58% vs. 0.53%…